Allen Buckley on Budget & Economy

2004 former Libertarian Senate challenger (GA)

Issue T-bills to pay off long-term US debt

[Current] tax payments would cover all annual expenses, and would pay off the existing debt due in each year over 30 years in equal installments.
My recommendation would pay off the debt that comes due in a year over 30 years. So a 30-year T-Bill that comes due in 25 years would be paid off in 55 years. [Hence my proposed] 10/x/39 tax system would pay off debt in 50-60 years.

10/x/39 tax system would pay off debt in 50-60 years

A 10/x/39 income tax system should be created, whereby the first $10,000 of taxable income is tax-exempt (a higher amount for married persons filing joint returns, but less than $20,000), the next $490,000 is taxed at whatever rate is necessary to
balance the budget (i.e. “x” percentage-the “common rate”) and taxable income in excess of $500,000 is taxed at 39%. (Taxable income would be computed after personal exemptions and the standard deduction or itemized deductions.) The tax payments would
cover all annual expenses, and would pay off the existing debt due in each year over 30 years in equal installments. (The government could borrow in an emergency situation, but a war such as the war in Iraq would not qualify as an
emergency situation.) Long-term capital gains would be taxed at a 20% rate. The earned income credit refundable amount would not be different than that provided under current law.

A balanced federal budget is a MUST, absent emergencies

A balanced federal budget is a MUST, absent an emergency situation, and the ongoing war on terrorism would not qualify as an emergency situation. The federal government is being run as if the country will cease to exist in the very near future.
The Bush Administration is trading tomorrow’s potential prosperity for its agenda. That’s shortsighted, and its not right. A country that is truly being run “for the ages” will not have deficits like those that now exist in the United States.